NITE vs. IQM

Last updated Jun 24, 2026

NITE (The Nightview Fund) and IQM (Franklin Intelligent Machines ETF) are both Large Cap Growth Equities funds. Both are actively managed. Over the past year, NITE returned 20.23% vs 66.07% for IQM. A 0.73 correlation means they provide meaningful diversification when combined. NITE charges 1.25%/yr vs 0.50%/yr for IQM.

Performance

NITE vs. IQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Nightview Fund (NITE) and Franklin Intelligent Machines ETF (IQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NITE achieves a -0.70% return, which is significantly lower than IQM's 35.15% return.

NITE

• 1D: -1.06%
• 1M: -4.33%
• YTD: -0.70%
• 6M: -2.70%
• 1Y: 20.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IQM

• 1D: -6.20%
• 1M: 3.59%
• YTD: 35.15%
• 6M: 31.71%
• 1Y: 66.07%
• 3Y*: 35.52%
• 5Y*: 20.13%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NITE vs. IQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NITE The Nightview Fund	-0.70%	22.57%	19.07%
IQM Franklin Intelligent Machines ETF	35.15%	30.76%	5.35%

Correlation

The correlation between NITE and IQM is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jun 24, 2024	0.73

The correlation between NITE and IQM shifts across timeframes, from 0.62 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

NITE vs. IQM - Sectors Allocation Comparison

Sectors	NITE	IQM
Consumer Cyclical	33.9%	2.9%
Technology	29.8%	68.4%
Financial Services	16.3%	-
Communication Services	11.9%	2.3%
Industrials	4.1%	17.1%
Utilities	4.0%	3.2%
Healthcare	3.8%	1.0%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	2.3%
Real Estate	-	-

Return for Risk

NITE vs. IQM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NITE

NITE Risk / Return Rank: 29
NITE Sharpe Ratio Rank: 30
NITE Sortino Ratio Rank: 28
NITE Omega Ratio Rank: 28
NITE Calmar Ratio Rank: 29
NITE Martin Ratio Rank: 31

IQM

IQM Risk / Return Rank: 70
IQM Sharpe Ratio Rank: 69
IQM Sortino Ratio Rank: 55
IQM Omega Ratio Rank: 61
IQM Calmar Ratio Rank: 86
IQM Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NITE vs. IQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Nightview Fund (NITE) and Franklin Intelligent Machines ETF (IQM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NITE	IQM	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.11	-1.12
Sortino ratio: Return per unit of downside risk	1.44	2.52	-1.08
Omega ratio: Gain probability vs. loss probability	1.18	1.35	-0.17
Calmar ratio: Return relative to maximum drawdown	1.34	4.52	-3.18
Martin ratio: Return relative to average drawdown	4.12	14.13	-10.00

NITE vs. IQM - Sharpe Ratio Comparison

The current NITE Sharpe Ratio is 0.99, which is lower than the IQM Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of NITE and IQM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NITE vs. IQM - Drawdown Comparison

The maximum NITE drawdown since its inception was -29.57%, smaller than the maximum IQM drawdown of -44.91%. Use the drawdown chart below to compare losses from any high point for NITE and IQM.

Drawdown Indicators

	NITE	IQM	Difference
Max Drawdown Largest peak-to-trough decline	-29.57%	-44.91%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	-15.16%	-14.71%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.91%	—
Current Drawdown Current decline from peak	-10.38%	-6.20%	-4.18%
Average Drawdown Average peak-to-trough decline	-5.38%	-12.18%	+6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	4.69%	+0.23%

Volatility

NITE vs. IQM - Volatility Comparison

The current volatility for The Nightview Fund (NITE) is 7.50%, while Franklin Intelligent Machines ETF (IQM) has a volatility of 15.34%. This indicates that NITE experiences smaller price fluctuations and is considered to be less risky than IQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NITE	IQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	15.34%	-7.84%
Volatility (6M) Calculated over the trailing 6-month period	15.85%	26.16%	-10.31%
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	31.47%	-10.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.72%	29.56%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.72%	31.10%	-4.38%

NITE vs. IQM - Expense Ratio Comparison

NITE has a 1.25% expense ratio, which is higher than IQM's 0.50% expense ratio.

Dividends

NITE vs. IQM - Dividend Comparison

Neither NITE nor IQM has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
IQM Franklin Intelligent Machines ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.01%
NITE The Nightview Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NITE and IQM in my portfolio?

NITE and IQM have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NITE or IQM?

IQM has higher volatility (15.34%) compared to NITE (7.50%). In terms of maximum drawdown, NITE dropped -29.57% vs IQM's -44.91%.

Which ETF is better, NITE or IQM?

On 1-year performance, IQM leads with 66.07% vs 20.23% for NITE. On fees, IQM is cheaper at 0.50% per year. On volatility, NITE has been the lower-risk option at 7.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NITE or IQM?

Over the 1-year period, IQM has performed better with a 66.07% return vs 20.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NITE or IQM?

IQM is cheaper with a 0.50% expense ratio, compared with 1.25% for NITE.

Which ETF pays a higher dividend yield, NITE or IQM?

NITE and IQM have nearly identical dividend yields, around 0.00%.

What is the main difference between NITE and IQM?

They also come from different issuers: Nightview and Franklin Templeton. Their fees differ too: 1.25% for NITE and 0.50% for IQM.

Which has better risk-adjusted returns?

IQM currently has the higher Sharpe Ratio (2.11 vs 0.99), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.